The New Zealand dollar continued to slip against the Australian dollar after the Reserve Bank of Australia has indicated it has no plans of cutting interest rates further at its current rate of 2.5 per cent. The news has crushed investors who were hoping for another round of rate cuts.

Billionaire and activist investor Carl Icahn said he has acquired a large position in Apple Inc' which could drive stocks to as much as $700 per share if Apple CEO Tim Cook will decide to approve a bigger stock buyback.

The spotlight is on the New Zealand dollar as the country's largest dairy exporter was hit by a botulism scare which caused a slump in the Kiwi dollar earlier this week. As New Zealand's premier brand Fonterra was hit by import restrictions of products in China and other countries, the Kiwi dollar had a rare break from its strong momentum and plunged to its year low.

The Reserve Bank of Australia has cut interest rates to a record low of 2.5 per cent during its board meeting for the month of August. The latest interest rate cut is the first since the Reserve Bank has declared a 25-point cut in May 2013 when the Australian dollar was above parity with the U.S. dollar. This is also the second time interest rates have been cut in an ongoing election campaign.

Due to the botulism scare that rocked the New Zealand dairy industry, the Fonterra Shareholders' Fund units fell to its lowest level in 2013. Other dairy companies in New Zealand also saw a drop in units amid investor concerns that earnings will take a tumble due to the recent whey protein bacterial contamination. The New Zealand dollar also took a tumble as currency investors reacted to the ongoing uncertainty.

The New Zealand dollar soared after investors expected the U.S. dollar to move far too fast following the positive U.S. jobs figures last week.
The Kiwi dollar increased to 78.01 U.S. cents from closing at 77.26 cents in Wellington last July 8. The U.S. dollar index receded overnight after soaring to its three-year high following upbeat employment numbers last July 5.

The New Zealand dollar soared against the euro and British pound after their respective central banks focused on easing bias which helped increase the demand for the higher yielding currency. The Kiwi also became stronger against the Aussie dollar.

The price of Apple Inc stocks rose on Monday after news of the company applying for a trademark of the iWatch in Japan came out. The iWatch trademark reminded investors that Apple will release a new revolutionary product at some point. This is something market watchers and investors should be excited about to boost their confidence in putting their money in Apple Inc again.

The Australian dollar weakens further despite rallying slightly after the nation has posted a fourth consecutive month of trade surplus. On Wednesday, the Australian dollar traded at 91.62 U.S. cents, lower than Tuesday's exchange rate of 91.83 cents. Official data indicates Australia's trade balance last May maintained its positive streak for four months in a row with a surplus worth $670 million.

Australians are in for a treat when it's time to open superannuation statements by the end of the year. Average returns are reported to be at their highest in six years due to a strong market leap in the previous year.